Are you looking to buy your first home in Minnesota? You've come to the right place! In this series of short blog posts I will help you learn everything you need to know about how to buy your first home in Minnesota. In this online guide I'll cover mortgage pre-approval, how to negotiate on homes, what happens before and after closing and more.
Preparing to be a Minnesota First Time Home Buyer
Step 1: Get Preapproved
If you are not able to buy your first home outright with cash, you'll be looking for home financing as are most Minnesotans. In order to determine what kind of financing is available for you, the first step is to talk with me about your financial situation is. In this discussion I will take your no-cost, no-obligation loan application.
During this discussion I will ask you about your income, assets, debts, and credit. By asking you a series of questions I will be able to download your credit report and review it with you. I will take the information that you give to me and determine what types of Minnesota first time home buyer programs (such as MHFA and others) are available to you.
When we go through the preapproval application we will be talking about your entire financial situation, but you will know most of the answers to my questions right off the top of your head. It usually takes us 20-30 minutes to complete the application and make some decisions about where to go from there.
What happens if I don't qualify?
If after completing your loan application we determine that there are some hurdles to overcome prior to buying a home we will discuss in depth what you will need to do to overcome those hurdles. I will keep in touch with you along the way until you are ready to get preapproved.
What kinds of documentation will I need?
Once we determine that you are ready to get preapproved I will review the types of loan documentation that we will need to verify the details of the loan application. After receiving your documentation I will analyze it to make sure that it contains all of the necessary information that a mortgage underwriter will be looking for to issue a loan commitment.
Once we are done with this part of the process I will be ready to give you a preapproval letter that specifies the payment amount to which you are preapproved. From there you will be ready to show your real estate agent that you are indeed preapproved and ready to go looking for homes. Real estate agents will always want some evidence of preapproval prior to showing homes since they want to make sure that their time invested with you will be useful.
If you are ready to get preapproved simply call or email me today and we can get started immediately.
The next part of the process will be to define your search property criteria with your real estate agent in Step 2 which I cover in my next post.
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